Need Help Identifying Part and Need Advice

I got the engine back together and started it. Usual stuff: distributor 180 degrees out, stubborn fuel pump, battery issues. As the car was idling, I noticed the white rectangular part in the middle of the firewall was smoking. I touched it and it felt like it was ceramic and it was VERY hot. In the picture, it is just behind the air cleaner and its mounted diagonally with wire plugs on each end. What is this part and should I replace it? Also, is the timing for a 1974 Dodge Charger 318 10 degrees before? TY.

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